Press Release: Japan's Konica Minolta to liquidate Canadian unit; sees
no financial impact
TOKYO (AFX) - Konica Minolta Holdings Inc said it
has decided to liquidate a wholly-owned Canadian unit that sells digital cameras
because of stiffer competition. Konica Minolta Holdings, which makes office
equipment and digital cameras, said the winding-up will not affect its forecasts
for the year to March 2006.
Konica Minolta Holdings Inc said it has decided to
liquidate a wholly-owned Canadian unit that sells digital cameras because of
stiffer competition.
Konica Minolta
Holdings, which makes office equipment and digital cameras, said the winding-up
will not affect its forecasts for the year to March
2006.
In August, the company forecast a
full-year net profit of 23 bln yen and current profit of 80 bln yen on revenue
of ¥1.13 tn.
The Canadian unit, Konica
Minolta Photo Imaging Canada Inc, capitalized at CA$5.66 mn, will be liquidated
at a yet-to-be decided date, subject to regulatory
procedures.
Konica Minolta Holdings said
that it will seek partners that can distribute its digital cameras in Canada. It
did not elaborate.
Posted: Wed - September 7, 2005 at 08:52 AM